Yurin explained that there has been a slight drop in steel production relative to prior years, estimating a decrease of around 6-7%. This decline became more evident in the second half of 2024, coinciding with a slowdown in the construction sector. As construction activity began to decelerate, the steel industry followed suit, reflecting the interconnected nature of these sectors.
Yurin highlighted that the Ministry of Industry and Trade has been actively addressing the situation. Several high-level meetings were held under the chairmanship of Minister Anton Alikhanov to evaluate the current challenges and explore potential support measures. The ministry is now working closely with industry representatives to implement the recommendations developed during these discussions.
This decline in steel production underscores the broader economic challenges faced by Russia’s metallurgical industry, heavily influenced by trends in construction and infrastructure development. Further support measures are expected to be announced as the industry adapts to changing market conditions.
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